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Presentation/PPT
27/08/2022
E-11-9 (Journal entries-emphasis on budgetary entries and statement) The Central Think Tank (CTT) receives a separate appropriation from Congress for the acquisition of advanced intelligence-gathering materials. The following is a summary of transaction affecting the CTT’s intelligence-gathering material appropriation for the year ended September 30, 2013. Prepare journal entries to record these transactions: State which entries are budgetary and which are proprietary. Also, prepare a statement of budgetary resources. Assume that all resources not obligated by year-end are not available for future obligation. 1. The CTT received an appropriation of 400,000. 2. The OMB apportioned to the agency the entire amount that Congress appropriated. 3. To keep control over its rate of expenditures, the agency used an allotment system. During the year, the entire apportionment was allotted. 4. Commitments placed during the year for intelligence gathering materials totaled $390,000. 5. Purchase orders issued against the commitments totaled 4375,000. P11-2 (Accounting Cycle for 1 month)The Star exploration Agency, a unit of the Space Department, was established by congress to begin operations at the beginning of fiscal year 2014. Following are the agency’s transactions during October, its first month of operations:Congress passed and the president approved a $1,000,000 appropriation for this agency.of the amount appropriated, $950,000 was appropriation by the OMB.The Space Department allotted the agency $100,000 to carry out its October operations.Purchased requests were made for material and supplies, estimated to cost $88,000Purchase orders were placed for materials and supplies, estimated to cost $85,000All items received were placed in inventory. The remaining items (for $5,000) will be received at a later date.A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $80,000.The Treasury informed the agency that it had paid invoices amounting to $76,000.an inventory count showed that $15,000 of materials and supplies was on hand. The rest was used in operations.
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